Monday, September 29, 2008

See checks and balances do work but only when the Speaker pisses off over half the House

A deeply divided U.S. House has narrowly rejected a massive taxpayer bailout of the troubled financial sector. President Bush pushed hard for the roughly 700-billion dollar bailout, warning that there could be dire consequences for the national economy without it. Though there was considerable crossover in the votes, most Democrats voted for it, while most Republicans voted against it. The Dow responded by dropping like a stone, losing more than 600 points at one point.Stay withNewstalk 1190 WOWOfor the latest developments

Ironically Republican incumbent RepresentativeMark "my small town values" Souderwho has so much experience in Congress that hedecided not to stand up and represent his constituentsin his legacy vote regarding the Administration's welfare benefits package for corporations, and instead tried to structure his argument for the legislation as inevitable and capitulate by marking the legislation as"put(ting) a finger in the dike".

Monday he called it "a bold bill that will help keep the crisis in our financial system from spreading throughout our economy." Souder said he was concerned abut the effect of the economic turmoil on northeast Indiana jobs. If jobs leave the area, he said, "they won't come back. We have more at risk than other areas." Souder said his office has been flooded by calls from constituents who oppose the bailout and said a "yes" vote is unpopular with voters. "Sometimes you got to gut it out," he said. "I don't like it," Souder said of the bill. "I tried to delay it" to allow for more discussion. Last week Souder said he was leaning toward voting against the bill, but Monday he said the revised legislation was better than Paulson proposed last week.

Here is a breakdown of the vote: There are 435 members in the House of Representatives in the United States Congress. The EESA 08 was defeated 205-228 (note that is more than half against); 65 Republicans and 140 Democrats who voted "yes"; 95 Democrats and 133 Republicans voted "no". There were one or two Representatives missing from the vote.

WOWO NEWS UPDATE 6pm: 6 out of 9 Representatives from Indiana voted against the EESA.The DOW has closed @ 777 pointes down today in response to the vote.

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